Tonight’s Highlights | Trump’s New Tariffs Spark Widespread Confusion, Intel Extends Strong Rally0
With the release of August PCE data, the U.S. stock market, which has fallen for three consecutive days, seems to have a breather, as all three major index futures edged higher pre-market.
As of this writing, Nasdaq 100 futures (2512 contract) rose 0.20%, S&P 500 futures gained 0.28%, and Dow futures climbed 0.46%. Spot gold continued to hover around $3,750 per ounce.
The latest data shows the U.S. core PCE price index, excluding food and energy, rose 0.2% month-over-month in August, down from 0.3% in July. However, on a year-over-year basis, this key metric remained at a relatively high 2.9%.
For the Fed’s rate-cut path, the next critical data point will be next week’s nonfarm payrolls report—assuming the U.S. government is still functioning. As is well known, if Congress fails to pass a spending bill, the next “government shutdown” deadline is October 1.
As tonight’s market focus, President Trump once again wielded the tariff stick, threatening on social media to impose tariffs on imported pharmaceuticals, trucks, and furniture.
However, due to unclear details—especially whether new tariffs will stack on top of existing trade agreements (e.g., the recent U.S.-EU deal capping pharmaceutical export tariffs at 15%)—several European drugmakers fell at the European market open but later rebounded.
EU Commission trade spokesperson Olof Gill emphasized Friday that trade agreements provide “insurance” for businesses, ensuring tariffs don’t exceed agreed limits. Japan’s trade negotiator Ryosei Akazawa also noted that Japan’s trade deal ensures tariffs won’t exceed those of other regions, including the EU.
On the other hand, as a potential beneficiary, U.S. heavy truck manufacturer Paccar (PCAR) surged nearly 6% pre-market. Additionally, spurred by news of U.S. “chip import quotas,” GlobalFoundries (GFS) jumped over 8% pre-market.
Other Market News
Partnership Rumors Abound, Intel Continues Pre-Market Gains
Reports indicate that, following stakes taken by the U.S. government, SoftBank, and Nvidia, the struggling former semiconductor giant Intel is seeking investment or partnerships from Apple and TSMC.
Sources say Intel CEO Lip-Bu Tan met Apple’s Tim Cook earlier this year and discussed potential collaboration or joint ventures with TSMC’s C.C. Wei. As of this writing, Intel was up over 4% pre-market.(https://www.investopedia.com/trump-plan-for-300-percent-semiconductor-tariffs-weighs-on-chip-stocks-except-intel-here-is-why-11791726)
Tesla’s European Sales Drop 23%, Marking Eighth Straight Month of Declines
Data from the European Automobile Manufacturers’ Association (ACEA) on Thursday showed Tesla’s electric vehicle registrations (a proxy for sales) in Europe fell ~23% year-over-year in August, marking eight consecutive months of declines.
Last month, Tesla registered 14,831 EVs in Europe, down from 19,136 in August 2024. For the first eight months of 2025, Tesla’s EV registrations in Europe dropped 32.6%.
Meta Explores Using Google’s AI for Ad Targeting
Meta is reportedly in talks with Alphabet’s Google Cloud division to explore using the latter’s Gemini AI model to enhance Meta’s advertising business.
JPMorgan Boosts Alibaba-W Stake to 12.29%
Hong Kong Exchange data shows JPMorgan increased its stake in Alibaba-W from 6.81% to 12.29% on September 22, with an average purchase price of HK$159.2641 per share.
Boeing Set to Ease Some Delivery Restrictions
As of this writing, Boeing was up over 4% pre-market. Market sources say Boeing is expected to regain authority to conduct final safety checks on its 737 MAX aircraft. Typically, the FAA delegates routine checks to manufacturers, but oversight tightened after two fatal 737 MAX crashes in 2019.
Sources indicate Boeing employees will gradually regain safety sign-off authority, though FAA inspectors will remain involved in issuing airworthiness certificates.